Slava Grichuk is a 58-year-old employee with First Delta Corp. His employment income Is $100,000 in 2021. His employer deducted the required Income tax, El, and CPP amount from his paycheques during the year. Slava owns a diverse portfolio of stocks that paid eligible dividends in the amount of $6,000 during 2021. He also sold 1,000 shares in XYZ Inc., a publicly-traded company, during 2021. These shares had an adjusted cost base of $20/share, and he was able to sell them for $36/share during the year. Slava is a divorced father of three. His divorce agreement requires that he pay his ex-wife $3,000 per month in child support and $750 per month in spousal support. Slava made all of the payments during 2021 as required. Slava has a $10,000 allowable capital loss carryover from a number of years ago that he has not been able to use in a prior taxation year. Required: Calculate all the deductions and inclusion which are eligible in his case and the gains/losses from his portfolio. Also, calculate Slava’s 2021 Net Income for Tax Purposes and Taxable Income.
Slava Grichuk is a 58-year-old employee with First Delta Corp. His employment income Is $100,000 in 2021. His employer deducted the required Income tax, El, and CPP amount from his paycheques during the year.
Slava owns a diverse portfolio of stocks that paid eligible dividends in the amount of $6,000 during 2021. He also sold 1,000 shares in XYZ Inc., a publicly-traded company, during 2021. These shares had an adjusted cost base of $20/share, and he was able to sell them for $36/share during the year.
Slava is a divorced father of three. His divorce agreement requires that he pay his ex-wife $3,000 per month in child support and $750 per month in spousal support. Slava made all of the payments during 2021 as required.
Slava has a $10,000 allowable capital loss carryover from a number of years ago that he has not been able to use in a prior
Required:
Calculate all the deductions and inclusion which are eligible in his case and the gains/losses from his portfolio. Also, calculate Slava’s 2021 Net Income for Tax Purposes and Taxable Income.
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